Spotify may get a price hike

The Financial Times, citing Alex Norstrom, the music streaming provider’s co-president and chief operating officer, reported that Spotify would increase prices as it invests in new features and reaches 1 billion users. The FT reported that Norstrom said in an interview that the increases would accompany planned new services and features. Spotify has not yet responded to a Reuters request for comment. The Swedish company announced in early August that it would raise the price of its premium individual subscription in some markets starting in September in an effort to improve profit margins. It said the price would rise from 10.99 euros to 11.99 euros ($14.05) in markets across South Asia, the Middle East, Africa, Europe, Latin America and the Asia-Pacific region. “Price increases, price adjustments, etc. are part of our business tools and we will do that when it makes sense,” Norstrom told the newspaper. Price increases and cost-cutting efforts in recent years enabled Spotify to turn an annual profit for the first time last year.